Thursday, 7 June 2018

Good Morning!

RBI gives a rate hike of 25bps from 6% to 6.25% while it maintains the policy stand Neutral.
Trade war fears take a back seat. Wall Street Indices rallied yesterday supported by financial stocks as investors eyed strong economic data. Nasdaq gives a third consecutive close at record highs.
Asian equities rise to 2 1/2 –month high today supported by strong economic fundamentals.
Euro rises on expectations that the ECB could start rolling back its stimulus program by year-end, putting the Dollar under pressure. DXY continues to move down.
The Indian Rupee is seen opening at 66.92 a dollar and expected to cautiously play the 66.80-67.10 range for the day.

Karvy Forex

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Volume and Open Interest suggesting an accumulation in USDINR

USDINR futures prices were seen consolidating while  volumes  and OI were seen increasing suggesting accumulation.